Brigade plans to issue 16.6 mln shares in IPO

Mumbai: Real estate firm Brigade Enterprises Ltd said on Monday, 17 September, it has filed a draft offer document with the Securities and Exchange Board of India for an initial public offering.

The company plans to issue 16,624,720 shares at a price which will be decided through the book-built route, it said in a statement. There will also be a greenshoe option up to 2,493,708 shares.

The issue will constitute 16.87% of Brigade’s post-issue paid-up capital.

The funds raised would be used for land acquisition and meeting construction and development costs, it added.

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